Uncertainty in the Middle East drove volatility despite protocol reaching 46 million monthly users.
Escalating tension in the Middle East between Iran and Israel continues to ripple through the cryptocurrency market, prompting significant downside for a number of altcoins.
Despite NEAR Protocol’s impressive milestone of reaching 46 million monthly users, the token has struggled to maintain price stability in the current geopolitical climate.
It currently trades at $2.11 after falling from a high of falling from $2.38.
Technical Analysis
- NEAR experienced a significant correction, falling from $2.387 to $2.189, representing an 8.29% decline.
- A notable volume spike occurred during the 22:00-00:00 hours when prices broke below the $2.30 support level.
- Trading volume exceeded 6.5 million in a single hour—nearly triple the 24-hour average.
- Price action formed a descending channel with resistance at $2.29 and support at $2.19.
- Recent consolidation has occurred near the lower boundary of the channel. • High-volume selling pressure suggests further downside risk.
- Modest recovery from $2.189 indicates potential stabilization if buyers defend current support.
- In the last hour, NEAR showed significant volatility, rising from $2.200 to $2.218 before correcting to $2.199.
- A clear bullish channel formed between 13:05-13:35, gaining 8.5% with notable volume spikes.
- Strong rejection at the $2.218 resistance level led to a rapid sell-off between 13:41-13:44.
- Sell-off volume exceeded 100,000 units, confirming the bearish reversal.
- New support established at $2.198, aligning with the lower boundary of the descending channel.
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